President and CEO of Marsh, Peter Zaffino, has been appointed chairman of the company’s risk & insurance services segment, which includes Marsh and Guy Carpenter.

Zaffino will continue to serve as president and CEO of Marsh reporting to Daniel S Glaser, president and CEO of Marsh & McLennan, the company said.

Marsh & McLennan also announced that Peter Hearn, most recently chairman of Willis Re, will join Guy Carpenter as its CEO in May 2016.

“Peter Zaffino has demonstrated outstanding management skills leading Marsh and previously Guy Carpenter and has established broad retail and reinsurance expertise,” Glaser said.

“Peter Hearn has been an innovator throughout his career and will strengthen Guy Carpenter’s position as a premier provider of strategic advice and industry-leading solutions for our clients,” he said.